4 ms·
It largely depends on the party doing the recognition of ownership. Other chains like Tron or Binance are pseudo-decentralized. They do have multiple miners/no
by iamwil 6y ago
It largely depends on the party doing the recognition of ownership.
Other chains like Tron or Binance are pseudo-decentralized. They do have multiple miners/nodes, but Tron/Binance controls them all. So if they want to roll back a transaction, they can if they want. In Ethereum, that's not the case anymore. Eth did rollback and do a hard fork a long time ago, when the network was much smaller, but they had to get the buy-in for multiple parties in order to do it. It was be largely inconceivable nowadays.
So if I'm the counter-party that's to recognize your ownership in an NFT, I'm probably going to downgrade in my mind an NFT claim on a Tron or Binance chain, as opposed to Ethereum--because I care a lot that transactions can't be rolled back.
But if I'm a counter-party that doesn't care, because I think the risk of that happening on those chains is low, then maybe I would honor an NFT claim on those chains.
Like money, ownership is largely a social contract. The power of an NFT derives from its power bestowed by those honoring it. And the party honors it because of certain properties of the Ethereum chain, such as immutability--but it depends largely on why they're going to honor an NFT and for what purpose.
- jobigoud 6y agoThis is not about the immutability of the chain. You can create various collection contracts on top of the Ethereum blockchain, independent from each other. If you want to verify that I'm in fact the owner of the Nyan cat NFT you need to first decide which contract hosts the "true" Nyan cat NFT.
- iamwil 6y agoI should have made the connection more clear. Yes, you can create various collections on different chains. Say there's one on Eth, and one on Binance. If I want to purchase the NFT, which one should I buy from? Which one should I honor? Well, depends on what I value as a counter-party. I know that Binance owns all the nodes, and can roll them back at their whim. I know that no one in Eth can roll back easily. So if I value this kind of immutability as a potential owner of an NFT--I want my transactions to be final--then I'm going to go with the NFT contract on Eth. There may be other things I value instead of immutability, but the point is just the answer to "which NFT contract on which chain is the 'real one'?" is simply, "The one your counter-party honors, for whatever reason." There may be instances where both are honored at the same time, but in different domains.
- jobigoud 6y agoI understood that but you can have several instances of the same asset on a single immutable chain, for example Ethereum.